Bitcoin was trading firmly above the $42,500 mark, contributing majorly to the market gains in crypto in the last couple of days.
The last few months have seen market gains rising steadily in the crypto market, with Bitcoin and Ethereum leading the rally. Meanwhile, altcoins picked up the pace in November and continued their rally in December. After a minor lull after the Fed’s policy meeting, Bitcoin has yet again recovered to its earlier levels.
Crypto firm K33 has recently released a report that affirms the strength of the crypto market cap. The report noted the higher spot trading volumes of BTC. It stated, “This is indicative of BTC’s strong rally attracting new buyers while also motivating profit-taking by sellers, leading prices to consolidate on elevated trading volume.” The report also highlighted the higher interest from institutional investors in BTC in recent months.
Other experts have predicted a significant broader rally in the crypto market after the spot crypto ETFs approvals. Analysts presume the ETFs approvals could come in January 2024, but official dates aren’t released yet. On the other hand, tokens like Solana have posted big monthly gains. SOL is presently sitting on weekly returns of around 15%.
Another section of traders and investors are in wait-and-watch mode till any concrete regulatory decisions are made for the ETFs.
BTC/USD 1D price chart
Bitcoin is currently trading at around $42,800 on December 20, 2023, with BTC/USD trading lower by a margin of 0.2% in the last 24 hours. Bitcoin’s market cap was trading at around $840 billion.
BTC/USD is trading higher than its 20-day EMA (41,015.33), as BTC’s 24-hour volume was at around $21 billion. The crypto market cap decreased by around 0.62%, trading above $1.6 trillion. BTC’s year-to-date returns are above 158.47%
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